Cohen & Company (NYSE American: COHN) reported a blowout Q4 2025 with revenue of $102.7 million and full-year revenue of $275.6 million (+246% YoY), powered by its SPAC-focused boutique investment bank CCM. Diluted EPS came in at $1.48 for Q4 and $4.35 for FY 2025, swinging from a net loss in the prior year. The stock surged 31.8% following the announcement, and the board declared a special dividend of $0.70 plus the regular $0.25 quarterly dividend.
About Cohen & Company Inc.
Cohen & Company Inc. (NYSE American: COHN) is a financial services firm specializing in capital markets, asset management, and principal investing. Founded in 1999 and headquartered in Philadelphia, Pennsylvania (Cira Center, Suite 1703), the company operates through its full-service boutique investment bank, Cohen & Company Capital Markets (“CCM”), which focuses on frontier technologies including digital assets, energy transition, and natural resources.
The firm also maintains offices in New York City, Boca Raton, Chicago, Bethesda, Boston, Paris, and London. As of December 31, 2025, the company managed approximately $1.4 billion in assets under management, primarily in fixed income strategies. Key leadership includes CEO Lester Brafman, Executive Chairman Daniel Gideon Cohen, and CFO Joseph William Pooler Jr.
| Metric | Value |
| Ticker | NYSE American: COHN |
| Market Cap (pre-earnings) | ~$29.6M |
| Founded | 1999 |
| Headquarters | Philadelphia, PA |
| Employees | 126 (as of Dec 31, 2025) |
| AUM | ~$1.4 billion |
| Dividend Yield | ~6.9% (forward) |
| Revenue per Employee (FY 2025) | $2.3 million |
Top Financial Highlights
- Q4 2025 Total Revenue: $102.7 million, up from $84.2M in Q3 2025 and $18.5M in Q4 2024 (+455% YoY).
- FY 2025 Total Revenue: $275.6 million, a 246% increase from $79.6M in FY 2024.
- Q4 2025 Net Income Attributable: $8.1 million ($1.48 per diluted share), vs. a net loss of $2.0M in Q4 2024.
- FY 2025 Net Income Attributable: $14.4 million ($4.35 per diluted share), vs. a net loss of $129K in FY 2024.
- Q4 Adjusted Pre-Tax Income (Non-GAAP): $18.3 million ($2.97 per diluted share).
- FY Adjusted Pre-Tax Income (Non-GAAP): $41.4 million ($6.92 per diluted share), representing 15.0% of total revenue.
- Investment Banking & New Issue Revenue (Q4): $54.7 million — CCM contributed $50.8M of this.
- Net Trading Revenue (Q4): $13.8 million, up $4.9M YoY driven by the mortgage group and SPAC equity desk.
- Principal Transactions (Q4): $31.5 million, driven by $33.0M from the Columbus Circle/ProCap SPAC business combination.
- Q4 Operating Income: $30.0 million, vs. an operating loss of $5.5M in Q4 2024.
- Cash and Equivalents: $56.8 million as of Dec 31, 2025 (up from $19.6M).
- Total Equity: $103.1 million (vs. $90.3M a year prior).
- Dividends Declared: Quarterly dividend of $0.25/share + special dividend of $0.70/share, payable April 3, 2026; a $2.00 special dividend was already paid in January 2026.
- CCM 2025 Deal Volume: Closed $43 billion in transactions; ranked #1 in SPAC IPO underwritings by left book run deals.
- Guidance: Q1 2026 revenue “trending substantially higher” than Q1 2025 ($28.7M).
Summary Operating Results
Cohen & Company Inc. – Consolidated Statements of Operations (Unaudited)
Cohen & Company Inc. Consolidated Balance Sheets
Beat or Miss?
Analyst coverage of COHN is limited given its small-cap status. No consensus EPS or revenue estimates were publicly available for Q4 2025. However, the results represent a dramatic improvement from both the prior quarter and the year-ago period.
| Metric | Q4 2025 Reported | Q4 2024 Reported | Change |
| Total Revenue | $102.7M | $18.5M | +$84.2M (+455%) |
| Net Income Attributable | $8.1M | -$2.0M (loss) | +$10.1M (swing to profit) |
| Diluted EPS | $1.48 | -$1.21 (loss) | +$2.69 (swing to profit) |
| Adjusted Pre-Tax Income | $18.3M | -$7.7M (loss) | +$26.0M (swing to profit) |
| Operating Income | $30.0M | -$5.5M (loss) | +$35.5M (swing to profit) |
During the Q3 2025 earnings call, CCM had projected Q4 revenue to exceed $50 million. The actual Q4 result of $102.7 million substantially exceeded that internal projection, driven largely by the $33 million in principal transactions revenue from the Columbus Circle/ProCap SPAC business combination closing on December 5, 2025.
Revenue Segment Breakdown (Q4 2025)
| Segment | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
| Investment Banking & New Issue | $54.7M | $68.6M | $8.2M | -20% | 567% |
| Net Trading | $13.8M | $13.6M | $8.9M | 2% | 54% |
| Asset Management | $2.7M | $1.9M | $2.1M | 38% | 30% |
| Principal Transactions | $31.5M | $0.1M | -$0.7M | N/M | N/M |
| Total | $102.7M | $84.2M | $18.5M | 22% | 455% |
The Q4 principal transactions spike was largely a one-time event tied to the December 5, 2025 closing of the Columbus Circle Capital Corp I / ProCap Financial business combination, which generated $33.0 million in revenue from the markup of consolidated founder and placement shares. This was partially offset by $16.5 million in associated founder-share compensation expense allocated to employees
What Leadership Is Saying?
“We are pleased to deliver strong fourth quarter and full year 2025 results, driven by the continued expansion of our client franchise, particularly within our full-service boutique investment bank, Cohen & Company Capital Markets (“CCM”), focused on frontier technologies, including digital assets, energy transition, and natural resources. In 2025, we strengthened our leadership team with the appointment of managing directors to expand our presence in the energy and energy transition sectors, as well as across space technology, aerospace, and communications infrastructure. During the year, CCM closed $43 billion in transactions and according to SPAC Research ranked number one in SPAC IPO underwritings by left book run deals and in de-SPAC advisory, with a leading share in de-SPAC PIPE transactions.” – CEO Lester Brafman on Strategy & Vision
“For the full year 2025, basic and fully diluted net income attributable to Cohen & Company Inc. per share was $8.33 and $4.35, respectively; total revenue was $275.6 million, an increase of 246% from 2024; and adjusted pre-tax income was $41.4 million, representing 15.0% of total revenue. We finished 2025 with $2.3 million of revenue per employee. We are pleased to announce a special dividend of $0.70 per share, as well as our recurring quarterly dividend of $0.25 per share. These dividends are in addition to the special dividend of $2.00 per share that was announced in December 2025 and paid in January 2026. As we look ahead, with first quarter 2026 revenue trending substantially higher than first quarter 2025, we are well-positioned to continue building on the significant momentum underway.” – CEO Lester Brafman on Financial Outlook
Note: No separate CFO (Joseph Pooler) quote was included in the earnings press release. All commentary was attributed to CEO Lester Brafman.
Historical Performance
YoY Comparison
Quarterly Comparison (Q4 2025 vs. Q4 2024)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $102.7M | $18.5M | 455% |
| Investment Banking & New Issue | $54.7M | $8.2M | 567% |
| Net Trading | $13.8M | $8.9M | 54% |
| Asset Management | $2.7M | $2.1M | 30% |
| Principal Transactions & Other | $31.5M | -$0.7M | N/M |
| Compensation & Benefits | $57.8M | $12.9M | 348% |
| Total Operating Expenses | $72.7M | $24.0M | 203% |
| Operating Income (Loss) | $30.0M | -$5.5M | N/M |
| Net Income Attributable | $8.1M | -$2.0M | N/M |
| Diluted EPS | $1.48 | -$1.21 | N/M |
Full Year Comparison (FY 2025 vs. FY 2024)
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $275.6M | $79.6M | 246% |
| Investment Banking & New Issue | $187.6M | $40.8M | 360% |
| Net Trading | $47.3M | $36.4M | 30% |
| Asset Management | $8.8M | $9.0M | -2% |
| Principal Transactions & Other | $31.8M | -$6.6M | N/M |
| Compensation & Benefits | $177.5M | $56.4M | 215% |
| Total Operating Expenses | $216.2M | $87.6M | 147% |
| Operating Income (Loss) | $59.4M | -$8.0M | N/M |
| Net Income (Loss) Attributable | $14.4M | -$129K | N/M |
| Diluted EPS | $4.35 | -$0.08 | N/M |
The 2025 revenue trajectory showed consistent quarterly acceleration: $28.7M (Q1) → $59.9M (Q2) → $84.2M (Q3) → $102.7M (Q4), reflecting the rapid scaling of CCM’s investment banking franchise.
Competitor YoY Comparison
Cohen & Company operates in the boutique investment banking and capital markets space. Its closest comparable peers include Oppenheimer Holdings (OPY) and B. Riley Financial (RILY), though these firms are significantly larger. In the SPAC advisory niche, competitors include BTIG, Cantor Fitzgerald, and Santander.
Oppenheimer Holdings (OPY) — Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $472.6M | $375.4M | 25.90% |
| Net Income | $74.4M | $10.7M | 594% |
| Diluted EPS | $6.51 | $0.92 | 608% |
| Compensation Expense | $260.1M | $256.4M | 1.40% |
| Non-Comp Expense | $106.5M | $101.9M | 4.50% |
B. Riley Financial (RILY) — Q4 2025 vs. Q4 2024
| Category | Q4 2025 (Est.) | Q4 2024 | Change (%) |
| Total Revenue | $271–283M | $178.6M | +52–58% |
| Adj. EBITDA | $18–21M | $15.2M | +18–38% |
| FY 2025 Revenue (Est.) | $960–972M | $746.4M | +29–30% |
SPAC Underwriter League Table Context (2025)
| Underwriter | SPAC Market Position (2025) | Notes |
| Cohen & Company (CCM) | #1 in SPAC IPO underwritings (by left book run deals); #1 in de-SPAC advisory | $43B in transactions closed in 2025 |
| BTIG | Led Q1 2025 with 6 SPAC IPOs; ~$2.6B total through mid-2025 | 12 SPAC deals through June 2025 |
| Cantor Fitzgerald | #1 by deal count mid-2025 (14 deals, ~$3.6B) | Led by value mid-year |
| Santander | 5 deals, ~$1.3B through mid-2025 | Larger average deal size |
While Cohen & Company’s absolute revenue remains a fraction of Oppenheimer’s, its growth rate of +455% (Q4 YoY) and +246% (FY YoY) vastly outpaces all comparable peers. The SPAC market revival — with 61 SPACs raising $12.4 billion through June 2025, the highest since 2021 — has been a major tailwind for CCM’s franchise.
How the Market Reacted?
Shares of Cohen & Company surged 31.83% to $19.16 on the day of the earnings announcement, adding approximately $9 million to the company’s market capitalization. Trading volume was 6.4x the average, indicating exceptionally strong buying interest. The stock had closed at $14.75 the day before the earnings release, and the stock was already trading above its 200-day moving average of $13.31 heading into the report.
This reaction was significantly stronger than the historical pattern for COHN earnings announcements. Prior 2025 earnings releases generated average 1-day moves of just +1.82%, with Q3 2025 delivering the largest prior move at +10.1%. The magnitude of the Q4 beat — particularly the $33 million SPAC-related principal transactions windfall and the double special dividend announcement — clearly exceeded investor expectations. The bullish guidance noting that Q1 2026 revenue is “trending substantially higher” than Q1 2025 likely added to investor enthusiasm.
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